Monday 12th November 2012
|Text too small?|
Fletcher Building has agreed to buy a laminates manufacturer in the Indian state of Gujurat for 365 million rupees ($8.2 million) to expand its operations in the sub-continent.
Fletcher's local affiliate, Formica Laminates (India) Private, will acquire the assets of the decorative laminate manufacturing business of listed Indian manufacturer Well Pack Papers & Containers, it said in a statement. The deal will settle before the end of the year, it said.
"India represents the world's largest laminate market and by establishing an HPL manufacturing base in the region and leveraging our global capabilities, we have the opportunity to bring a new level of product technology and customer service to the Indian market," said Paul Zuckerman, chief executive of Fletcher's laminates & panels division.
The assets being acquired are a three-year-old, 26,000 SQM HPL facility with two presses and room for expansion, Fletcher said. It is located in the West of India, both close to suppliers and with good distribution links to the main markets, it said.
Shares of Fletcher rose 1.1 percent to $7.32 on the NZX and have climbed 18 percent this year.
NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.
No comments yet
Fletcher Building faces probe into plasterboard supply deals
Fletcher closes Christchurch plasterboard plant after finding asbestos
Fletcher Building names Charles Bolt as general counsel, replacing Farrell
Fletcher beats estimates with $326M FY profit as NZ revives, Australia stays flat
Fletcher executive Worley leaves as underperforming Crane unit brought in-house
Fletcher puts strategy under microscope seeking $70M annual gain, will shed jobs
Fletcher Building 1H profit edges up
Fletcher Building capital notes rollover at 5.4 percent from 8.9 percent
Fletcher Building offloads CSP Coating galvanised steel unit
Fletcher not abusing its role running Canterbury home repairs, EQC says